Glossary

Accelerated

In the event of a claim the amount paid is advanced from the life cover and reduces the sum insured.

Agreed Value

The benefit amount is agreed at the time of application.

Benefit Period

The maximum amount of time you will receive a benefit

Benefit Term

How long the policy lasts i.e. to age 65

CPI Linked

The amount of cover you have will increase annually with inflation.

Indemnity

The amount of benefit is assessed at the time of a claim based off recent income.

Level Premium ­

The premium does not increase with your age for a specified time.

Level Cover

The sum assured remains the same.

Multiple Wait Period Definition

Multiple Wait Period Definition includes the traditional '10 hour' definition, if you are unable to work more than 10 hours.  You are also considered to be totally disabled if you can't perform 'one important income producing duty'.

Offsets

Income that will reduce any potential benefit payable. i.e. ACC

Specificed Conditions

Payment for a specific injury or critical illness. The conditions are listed in the policy wording, they may include injuries such as; broken forearm, broken ankle. The critical illness may include conditions such as; cancer, heart attack.

Standalone

In the event of a claim the amount paid does not affect any other benefits.

Stepped Premium

The premium increases annually with age on policy anniversary.

Wait Period

The amount of time from when you are unable to work and receiving your first montlhy payment

Waiver of Premium / We pay your premium

If you go on claim the insurers will waive the requirement for you to pay your premiums.

Terminal Illness Benefit

If you are diagnosed as terminally ill and are likely to die within 12 months, you can apply for early payment of the sum insured